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EnglandEconomics

2.1-2.5 Economic objectives and performance

6 dot points across 6 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

Why is income and wealth shared unequally, and what can be done about it?

The difference between income and wealth, the meaning of a fair distribution, the causes of inequality and poverty, and how government can redistribute.
An OCR J205 answer on the distribution of income and wealth: the difference between the two, the causes of inequality and poverty, and how governments redistribute through tax and benefits.
9 min answer →

What is economic growth, how is it measured, and what causes it?

The meaning of economic growth, how it is measured using GDP and GDP per capita, the determinants of growth, and the economic cycle.
An OCR J205 answer on economic growth: its meaning, how it is measured with GDP and GDP per capita, the determinants of growth, and the stages of the economic cycle.
10 min answer →

What is the government trying to achieve when it manages the economy?

The government's main economic objectives (growth, low unemployment, price stability and a fair distribution of income), and why they can conflict.
An OCR J205 answer on the government's main macroeconomic objectives (economic growth, low unemployment, price stability and a fair distribution of income) and the trade-offs between them.
9 min answer →

What is inflation, how is it measured, and why does it matter?

The meaning and measurement of inflation using a price index, the causes of inflation (demand-pull and cost-push), and its effects on the economy.
An OCR J205 answer on inflation: how it is measured with a price index, the difference between demand-pull and cost-push inflation, and the effects of inflation on the economy.
10 min answer →

How do we judge living standards, and can growth be made sustainable?

How living standards are measured beyond GDP, the link between economic growth and living standards, and economic, social and environmental sustainability.
An OCR J205 answer on measuring living standards beyond GDP per capita, the link between growth and living standards, and the meaning of economic, social and environmental sustainability.
9 min answer →

What is unemployment, how is it measured, and what causes it?

The meaning and measurement of unemployment, the main types and causes of unemployment, and the consequences of unemployment for individuals, firms and the government.
An OCR J205 answer on unemployment: how it is defined and measured, the main types and causes, and the consequences for individuals, firms and the government.
9 min answer →